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ATA - Gjipe beach, hidden gem of Albanian Riviera, ready to welcome tourists this summer
TIRANA,May24/ATA/–The Gjipe beach, regarded as a hidden gem in Albania, is absolutely one of the best beaches along the Albanian...
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ATA - Renowned academician: Albania impressive results and positive example in management of pandemic
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ATA - COVID-19/ Ministry of Health: 9 new cases in Tirana, Durrës and Shkodër, number of those infected goes up to 998
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Lusa - Business News - Angola: Competition Regulator approves AdvanceCare's buying business




Luanda, Oct. 9, 2019 (Lusa) - The Angolan Competition Regulatory Authority (ARC), which was consulted on the operation involving the purchase of AdvanceCare in Portugal, sees no obstacles to the purchase of ADVAngola by TPA Investimentos, the regulator's source told Lusa.
It is an operation that is taking place in Portugal, but given that certain competitive effects could have effects on the Angolan market, through AdvanceCare, which is active in Angola, ARC was consulted to find out if there would be a need to notify the operation, Inocêncio Muachingue, head of ARC's merger control department, told Lusa on the sidelines of a seminar on the Legal Framework for Competition, which took place in Luanda.
ADV Angola was founded by AdvanceCare - Gestão de Serviços de Saúde, S.A. and began operations in September 2013, with the management of health insurance for Tranquilidade - Angolan Insurance Corporation. As from 2014, it also took over the management of the insurance of ENSA Seguros de Angola, S.A. and NOSSA Seguros (Nova Sociedade de Seguros de Angola, S.A.).
The participants in the operation, TPA INV, Lda. and ADV - Health International, S.A. (both Portuguese companies) requested a consultation with ARC on 22 July, after the Generali group announced that it will buy from the US fund Apollo United Insurance Companies, owner of Tranquilidade and Açoreana, for €510 million and AdvanceCare for €90 million.
ADV - Health International, S.A. is the only partner of the Angolan law company ADVAngola, which led to prior consultation with the Angolan regulator, to obtain necessary legal certainty on possible competition issues, said Inocêncio Muachingue.
After a preliminary analysis it was concluded that there would be a mere transfer of shares and would not affect the national market and AdvanceCare, in Angola, continues to operate in the same way, only control passes from ADV Health International to TPA Investimentos, the head of ARC's merger control department said, noting that the situation would not create barriers to competition.
This is one of the four cases that ARC has handled since it started operations in January this year.
Currently, ARC is analysing two other operations: one, involving the creation of a new joint venture resulting from a partnership between the oil companies Sonangol and Total, for the logistics, distribution and marketing of oil derivatives; another, in the banking sector, the acquisition of the bank VTB-África, belonging to the Russian VTB Bank by the Russian financial intermediation company Rostang.
Another dossier that has already been concluded, with a favourable outcome, was the purchase of the insurance company Tranquilidade Angolan Insurance Corporation by Banco Económico.
RCR/IMYN // ADB.
Lusa


Agency : LUSA

Date : 2019-10-10 17:12:51







 

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